Bring it on! May other states follow.
The legislation, which is headed to the House after being approved 28-2 in the Republican-dominated Senate, would allow foreclosure sales to be voided if lenders that didn’t originate the loan can’t produce the full chain of title.
Naturally, banker’s associations and other assorted vermin are weeping crocodile tears saying will just hurt Arizonans because if banks and mortgage companies are forced to follow the law and not foreclose without proof of ownership then they won’t be inclined to write mortgages there. This is the same scare tactic gibberish that bankers tried to use against Iceland. They threatened all manner of ominous developments if Iceland defaulted on their debt. Iceland ignored them, defaulted, and is doing just fine now.
The fact that this isn’t already required is scary. In order to do ANY transfer of a house you have to have a full title in NY.